Are you supposed to have a signed contract before inspection takes place? I'm set for Wed. and do not have a signed contract. We have accepted the offer but there has been no exchange of paperwork or anything signed.
In most other states I would say it's more likely you'd have a signed contract before inspection. But from your screen name I'd guess you're talking New York which has real estate practices that don't go along with the norm. Hopefully someone with knowledge of how things are done in New York will come along to answer your question.
From what I recall, in NY, the chain of events are as follows:
The buyer makes an offer. Once the seller accepts the offer, the buyer is required to put down a binder. There is a binder contract, and from what I recall from 10 years ago,it is fairly basic and seems to only serve as an agreement on the offer and I think closing date.
The the buyer THEN schedules the home inspection and any other inspections such as septic, etc.
After the inspections, the buyer decides if he/she wishes to move forward with an actual purchase contract. If so, at that point, their attorney would identify in the contract any issues that the buyer wants the seller to address...in terms of repair, replacement, escrow or price reduction. The seller can than agree..or not..and the negotiating begins...
At least that is how it worked 10 years ago...things may have changed.
If you are working with a REA he/she should have explained the process.
Jane, I'm so glad to see this post..
Hope everything goes well!
Going to cross my fingers & toes.
There is no contract executed until after the inspection. The buyer will get the inspection done. Any actions that are to be taken by the seller (i.e what the buyer asks to have fixed), will be written as a term in the contract. I.e. "Seller to repair leaky pipe". Good luck.
Thanks all. I did speak to my RA and she said the contract comes after the inspection. The buyer wanted my well tested 'immediately' and I protested because it is expensive and I would have to pay for it. She explained the well testing comes after the contract signing.
I need to calm down,
Thanks again and Roselvr, thanks for the good wishes...